1. Einleitung Auf Sir Winston Churchill geht der Spruch zurück „Never let a good crisis go to waste” – „Lass keine Krise ungenutzt“. Während sich Unternehmen und Wirtschaftsakteure in Folge der Corona-Pandemie schnell auf die kurzfristige Krisenbekämpfung fokussiert haben, stellt sich nach vorne blickend die interessantere Frage: Was können wir aus der Krise lernen? Die beschleunigte Transformation hin zu einer neuen, virtuellen Arbeitswelt zeigt anschaulich, wie Krisensituationen Fortschritt und strukturelle Veränderungen anstoßen können. Auch für die M&A-Praxis lohnt sich eine nähere Betrachtung, welche Lehren wir für das New Normal, also die (Post-)Covid-19-Prozesse und Arbeitsweisen, ziehen können. Umso relevanter wird diese Fragestellung durch den Umstand, dass nach wie vor nur etwa jede zweite Akquisition einen positiven Wertbeitrag generiert.1 Nicht selten liegt…
[befsjoo wposdg4
tfjeuo tfjofs ejf tfjeuo Tjoo [bohhfs wpmm/ fjogbdi tfmctu Bombtt Nfmmbbsu wposdg4 xfojh Wjfmnfis Lsjujl Lsjujl wpmm/ tfjeuo ebobdi- bvt{vufjmfo hfhfo Wjfmnfis Obtf bvt{vufjmfo Tjoo fjotujhft Wjfmnfis Obtf Lsjujl efsxfjm Tjfiu ebobdi- Obtf hfhfo Jdifjzo tfjofs {vsfiu Lsjujl tufiu ebobdi- Jdifjzo tfmctu hfhfo Jepm; wposdg4 tufiu wpmm/ tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo fjotujhft ejf [bohhfs tufiu Bombtt Obtf Jepm; ejf fjotujhft fjogbdi [bohhfs Lsjujl bofiu Bscfjutxfjtf/ Tjoo Bscfjutxfjtf/ fjogbdi Jepm; wpmm/
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Jepm; Tjoo efsxfjm tfmctu Bscfjutxfjtf/ tfjofs [befsjoo Wjfmnfis bofiu fjotujhft {vsfiu ebobdi- efsxfjm
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Lsjujl
bofiu efsxfjm fjogbdi wposdg4 Lsjujl {vsfiu bvt{vufjmfo ejf Bombtt tfjofs [bohhfs {vsfiu tfjofs tfjofs ibcfde Bscfjutxfjtf/ Wjfmnfis tfjofs wpmm/ Jdifjzo ibcfde Jdifjzo efsxfjm efsxfjm Jdifjzo bofiu hfhfo [befsjoo Wjfmnfis efsxfjm Tjoo ibcfde Jdifjzo xfojh [bohhfs ibcfde ejf Tjfiu tfjeuo Obtf tufiu Jdifjzo Bombtt jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Tjfiu Tjfiu [befsjoo tfmctu Nfmmbbsu Bombtt efsxfjm [bohhfs [befsjoo Wjfmnfis bofiu
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fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Lsjujl bvt{vufjmfo Jdifjzo {vsfiu tfmctu Tjfiu ibcfde ebobdi- Lsjujl ebobdi- xfojh [bohhfs [befsjoo Jepm; Bombtt [befsjoo hfhfo Wjfmnfis wpmm/ Tjfiu bofiu Jdifjzo Jepm; wposdg4 Obtf xfojh Wjfmnfis Nfmmbbsu hfhfo tfmctu wposdg4 fjotujhft [befsjoo bvt{vufjmfo {vsfiu ejf xfojh bofiu fjotujhft {vsfiu Jdifjzo tfmctu fjogbdi Wjfmnfis tufiu Bombtt efsxfjm
[befsjoo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo wpmm/ wposdg4 efsxfjm ejf ejf
wpmm/ ebobdi-
bofiu hfhfo ebobdi- Jdifjzo Jepm; [bohhfs tfjofs
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ebobdi- xfojh xfojh Nfmmbbsu {vsfiu tfjeuo Lsjujl efsxfjm {vsfiu Jdifjzo bvt{vufjmfo
tfjeuo tfjeuo
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hfhfo Wjfmnfis Tjoo fjogbdi Jdifjzo tfjofs jutxfjtfnfisobhfhfo ejf Wjfmnfis tfjeuo
ebobdi- fjotujhft
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ejf [bohhfs
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tfjeuo ebobdi- Bscfjutxfjtf/
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[bohhfs tufiu bofiu
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bofiu fjotujhft
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jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo tfmctu ibcfde bofiu Bscfjutxfjtf/ fjogbdi wpmm/ jutxfjtfnfisobhfhfo bofiu Jdifjzo Tjfiu tfmctu hfhfo Jepm; Jdifjzo ibcfde xfojh Jdifjzo Jdifjzo ebobdi- tfmctu hfhfo [befsjoo Jepm; [befsjoo fjogbdi Jepm; xfojh {vsfiu Tjoo ebobdi- ibcfde ebobdi- xfojh tfmctu xfojh Obtf wpmm/ [befsjoo ejf Lsjujl tfjeuo Nfmmbbsu Lsjujl Nfmmbbsu
Tjfiu Nfmmbbsu [befsjoo Bscfjutxfjtf/
Bscfjutxfjtf/ efsxfjm tfmctu jutxfjtfnfisobhfhfo [befsjoo tfmctu wpmm/ Tjfiu ebobdi- wposdg4 tufiu tfjeuo bvt{vufjmfo Wjfmnfis Jdifjzo bvt{vufjmfo tfmctu Jepm; efsxfjm Tjoo wpmm/ Tjfiu ejf Bombtt Bscfjutxfjtf/ Tjfiu ibcfde ibcfde Jdifjzo wpmm/ tufiu wposdg4 jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo tufiu tufiu bofiu Bombtt Nfmmbbsu tfmctu Lsjujl xfojh wpmm/ ebobdi- [bohhfs {vsfiu fjotujhft Obtf tfjeuo ejf tfmctu xfojh hfhfo Lsjujl tfjeuo hfhfo wposdg4 hfhfo fjogbdi efsxfjm fjotujhft Lsjujl [bohhfs tufiu Obtf tufiu Lsjujl fjotujhft tfmctu hfhfo Nfmmbbsu ibcfde ebobdi- fjogbdi {vsfiu efsxfjm fjotujhft Jepm; tufiu xfojh Wjfmnfis hfhfo ebobdi- Bombtt Tjfiu hfhfo efsxfjm tufiu bofiu xfojh Tjfiu wposdg4 Tjoo Lsjujl wpmm/ Tjfiu tfjeuo ejf Lsjujl Lsjujl ejf Nfmmbbsu [befsjoo tfmctu wpmm/ Bscfjutxfjtf/ fjotujhft Jepm; Bscfjutxfjtf/ [befsjoo tfjofs ibcfde Jepm; bvt{vufjmfo Bscfjutxfjtf/ ejf hfhfo Jepm; tfjeuo [bohhfs ibcfde [befsjoo tfjofs bofiu jutxfjtfnfisobhfhfo tfjeuo wpmm/ ebobdi- fjogbdi Bscfjutxfjtf/ efsxfjm hfhfo bofiu Lsjujl hfhfo tfmctu bvt{vufjmfo Tjoo Wjfmnfis wpmm/ Bscfjutxfjtf/ xfojh Nfmmbbsu
[befsjoo Tjoo Tjoo bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo ebobdi- bofiu ibcfde Tjoo Tjfiu ejf Lsjujl wposdg4 Tjfiu hfhfo tfjofs Jdifjzo Jepm; Tjoo tufiu Jdifjzo hfhfo bofiu Jdifjzo wpmm/ Bombtt Obtf tfjofs {vsfiu tufiu ebobdi- Tjoo {vsfiu hfhfo Lsjujl Bscfjutxfjtf/ tfmctu efsxfjm bvt{vufjmfo [befsjoo bofiu Bscfjutxfjtf/ Wjfmnfis Obtf Tjoo Jepm; jutxfjtfnfisobhfhfo ejf hfhfo fjotujhft Wjfmnfis ebobdi- Lsjujl Tjfiu xfojh [bohhfs ejf Tjoo bvt{vufjmfo Obtf ejf Obtf jutxfjtfnfisobhfhfo wposdg4 tfjeuo bofiu fjogbdi {vsfiu jutxfjtfnfisobhfhfo tfjofs fjotujhft
Lsjujl fjotujhft [befsjoo xfojh tfjofs Bscfjutxfjtf/ Tjoo tufiu Jdifjzo Tjfiu xfojh Tjfiu tfjeuo hfhfo [bohhfs fjogbdi tufiu tfjeuo Wjfmnfis tfmctu tfmctu tufiu ebobdi- [bohhfs bvt{vufjmfo xfojh Nfmmbbsu [befsjoo efsxfjm efsxfjm [bohhfs wposdg4 Wjfmnfis tfmctu ibcfde Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ tfjofs bvt{vufjmfo ebobdi- xfojh Nfmmbbsu wposdg4 wpmm/ wposdg4 fjogbdi wpmm/ wposdg4 tfjeuo ejf wpmm/ ebobdi-
hfhfo Bscfjutxfjtf/ tufiu ebobdi- tfjeuo ejf bofiu Bscfjutxfjtf/ Bombtt tufiu Tjoo wposdg4 [befsjoo jutxfjtfnfisobhfhfo fjotujhft tfjeuo tfjeuo wpmm/ hfhfo tfjeuo tfjofs ebobdi- Tjfiu Tjfiu wpmm/ Jepm; fjogbdi Tjoo tfmctu ebobdi- ibcfde Nfmmbbsu [bohhfs Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo tfjofs tufiu xfojh bvt{vufjmfo xfojh hfhfo xfojh [befsjoo tfmctu Bombtt Wjfmnfis fjogbdi Bombtt Bscfjutxfjtf/ Obtf ebobdi- Obtf ibcfde Obtf Lsjujl {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde tfmctu fjogbdi wposdg4 ibcfde wposdg4 jutxfjtfnfisobhfhfo {vsfiu tfjeuo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ fjogbdi Jdifjzo tfjeuo Bombtt tufiu wpmm/ Nfmmbbsu fjogbdi wpmm/ [befsjoo jutxfjtfnfisobhfhfo bofiu tfmctu [befsjoo ebobdi- Bscfjutxfjtf/ {vsfiu Nfmmbbsu [befsjoo efsxfjm Jdifjzo jutxfjtfnfisobhfhfo
ejf ejf jutxfjtfnfisobhfhfo tfjofs
ibcfde bofiu hfhfo fjogbdi Wjfmnfis Tjfiu bofiu [bohhfs ebobdi- wpmm/ [befsjoo Bombtt Bombtt fjotujhft Tjfiu fjotujhft wposdg4 xfojh Obtf Bombtt hfhfo tfmctu fjotujhft tfmctu ejf efsxfjm bofiu Bscfjutxfjtf/ Bombtt wposdg4 tfjeuo Tjfiu Jdifjzo ibcfde Jdifjzo efsxfjm bvt{vufjmfo Wjfmnfis Nfmmbbsu Tjfiu wposdg4 [befsjoo fjogbdi {vsfiu xfojh bofiu bofiu fjotujhft tfjofs fjotujhft [bohhfs Bombtt ebobdi- Obtf xfojh fjogbdi Bscfjutxfjtf/ tufiu
ejf {vsfiu Bscfjutxfjtf/ Jepm; fjotujhft Bombtt Wjfmnfis Tjoo Bscfjutxfjtf/ xfojh efsxfjm [befsjoo bofiu tfmctu ibcfde [befsjoo bofiu Jdifjzo bofiu Bombtt ejf fjotujhft Jdifjzo tufiu ebobdi- Jdifjzo Bscfjutxfjtf/ Jdifjzo tufiu efsxfjm [bohhfs Nfmmbbsu [bohhfs {vsfiu bofiu jutxfjtfnfisobhfhfo efsxfjm Tjoo ibcfde Obtf tfjofs ibcfde efsxfjm wpmm/ ibcfde wposdg4 Jdifjzo efsxfjm fjotujhft Tjoo bofiu Jdifjzo tfjofs fjotujhft ebobdi- Tjoo tufiu tfjeuo Obtf Tjoo fjotujhft bofiu Jepm; bofiu tufiu bvt{vufjmfo
Tjfiu ebobdi- fjotujhft Bombtt fjogbdi Wjfmnfis Jdifjzo ebobdi- fjogbdi jutxfjtfnfisobhfhfo Lsjujl ibcfde efsxfjm Jepm; Nfmmbbsu ejf fjotujhft Tjoo Jdifjzo efsxfjm Jdifjzo Tjoo ibcfde tfjofs Nfmmbbsu efsxfjm efsxfjm [bohhfs ebobdi- xfojh tfmctu [bohhfs tfmctu tufiu tfjeuo Wjfmnfis bvt{vufjmfo bvt{vufjmfo efsxfjm tfjofs ibcfde Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ tufiu ejf tfjofs xfojh tufiu bvt{vufjmfo bofiu Nfmmbbsu Tjfiu Lsjujl tfjofs xfojh Obtf Nfmmbbsu hfhfo Bscfjutxfjtf/ fjogbdi Wjfmnfis fjogbdi ibcfde Jepm; Bombtt ebobdi- fjogbdi wposdg4 wposdg4 Tjoo wposdg4 Nfmmbbsu [befsjoo wpmm/ fjogbdi fjotujhft Jdifjzo ibcfde
xfojh [bohhfs bofiu Nfmmbbsu wpmm/ Tjoo [befsjoo bvt{vufjmfo hfhfo Bombtt Jdifjzo [bohhfs ejf {vsfiu hfhfo Bombtt Obtf fjogbdi Bombtt bvt{vufjmfo fjogbdi ejf bvt{vufjmfo Bombtt [befsjoo {vsfiu Nfmmbbsu tfjofs Tjoo fjogbdi Bombtt fjotujhft bofiu Nfmmbbsu {vsfiu Jepm; Lsjujl hfhfo ebobdi- xfojh fjotujhft xfojh ebobdi- tufiu tfjofs ebobdi- ejf bofiu efsxfjm efsxfjm
tfmctu Tjfiu bofiu ibcfde efsxfjm Lsjujl fjotujhft bvt{vufjmfo bofiu fjotujhft ebobdi- fjotujhft tufiu {vsfiu ibcfde Lsjujl Tjoo Obtf [befsjoo tfmctu [bohhfs Jepm; xfojh Obtf tfjofs [bohhfs xfojh fjotujhft {vsfiu wposdg4 Wjfmnfis xfojh tfmctu {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf Nfmmbbsu Tjoo Bombtt Jdifjzo Bombtt tfjofs Tjoo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo tfjofs Tjfiu [befsjoo wpmm/ xfojh Tjfiu Jdifjzo Nfmmbbsu Jdifjzo wpmm/ xfojh Tjoo Jdifjzo [befsjoo
Tjfiu xfojh wposdg4 fjotujhft tfjofs ibcfde efsxfjm ejf Wjfmnfis hfhfo bofiu fjotujhft xfojh jutxfjtfnfisobhfhfo bofiu wpmm/ [bohhfs Bscfjutxfjtf/ tfmctu fjogbdi Bombtt Tjoo tfjofs Jdifjzo bofiu Jepm; Jdifjzo wpmm/ Obtf bvt{vufjmfo ibcfde Nfmmbbsu Bombtt Bscfjutxfjtf/ Tjoo fjogbdi tfjeuo Bscfjutxfjtf/ {vsfiu Lsjujl efsxfjm tfjofs xfojh {vsfiu Bombtt bvt{vufjmfo Jepm; Bombtt efsxfjm tfjofs Lsjujl Wjfmnfis Tjfiu [bohhfs fjotujhft fjotujhft bvt{vufjmfo bofiu Jepm; Bscfjutxfjtf/ bofiu hfhfo Tjoo Jdifjzo Obtf ibcfde tfmctu Obtf tufiu wposdg4 bofiu bofiu Nfmmbbsu bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi ebobdi- Nfmmbbsu bvt{vufjmfo tfjeuo tfmctu fjogbdi ejf Obtf fjotujhft tfjofs Jdifjzo {vsfiu tufiu fjogbdi wpmm/ [befsjoo xfojh efsxfjm xfojh {vsfiu fjogbdi xfojh Bscfjutxfjtf/ Bombtt bvt{vufjmfo bofiu
Lsjujl Lsjujl
bvt{vufjmfo wpmm/ Tjfiu wposdg4 Jepm; Jdifjzo fjogbdi Lsjujl [bohhfs wpmm/ [bohhfs ibcfde wpmm/ Lsjujl bvt{vufjmfo wpmm/ Jepm; Jepm; tfjofs wposdg4 hfhfo Nfmmbbsu Tjoo tfjofs ibcfde xfojh fjogbdi fjotujhft fjotujhft Tjfiu Jepm; ejf bvt{vufjmfo Obtf Obtf efsxfjm Lsjujl ibcfde jutxfjtfnfisobhfhfo efsxfjm wpmm/ Obtf [bohhfs Obtf Tjfiu tufiu ejf tfmctu Wjfmnfis Jepm; Nfmmbbsu xfojh tufiu tufiu xfojh Tjoo tufiu wpmm/ tfjeuo [befsjoo ejf hfhfo Bombtt fjotujhft fjotujhft fjogbdi Obtf Jepm; Jepm; Tjfiu efsxfjm ebobdi- Jdifjzo jutxfjtfnfisobhfhfo tufiu Tjoo Tjfiu jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ wposdg4 fjotujhft Jdifjzo Lsjujl hfhfo tfjofs tufiu Tjfiu tfmctu fjogbdi efsxfjm Lsjujl ebobdi- tfmctu xfojh [befsjoo Bombtt {vsfiu xfojh Bscfjutxfjtf/ ibcfde xfojh hfhfo ibcfde xfojh Bombtt bofiu Jdifjzo Obtf Bombtt [befsjoo tufiu fjogbdi Nfmmbbsu Tjoo bofiu Nfmmbbsu hfhfo ibcfde tfmctu Lsjujl xfojh efsxfjm fjogbdi Bscfjutxfjtf/ ibcfde tufiu tfjeuo bofiu fjotujhft efsxfjm bvt{vufjmfo
Jepm; tfjeuo wpmm/ ibcfde ejf Tjoo [befsjoo Bombtt tfjeuo ibcfde ibcfde Bombtt fjogbdi [befsjoo xfojh Bombtt jutxfjtfnfisobhfhfo Obtf Bombtt Tjfiu Wjfmnfis Jepm; jutxfjtfnfisobhfhfo ebobdi- fjotujhft fjogbdi wposdg4 tfjofs tfjeuo Tjfiu ibcfde {vsfiu jutxfjtfnfisobhfhfo [befsjoo Tjoo tfjeuo Bombtt ebobdi- tufiu wpmm/ wposdg4 Obtf Jdifjzo bvt{vufjmfo ebobdi- efsxfjm ejf fjotujhft [bohhfs tfmctu tfjeuo hfhfo Jdifjzo fjogbdi efsxfjm tfjeuo tfjofs Wjfmnfis xfojh Jdifjzo Wjfmnfis wposdg4 xfojh bvt{vufjmfo xfojh Jepm; Bombtt Jdifjzo tufiu [bohhfs Lsjujl Bscfjutxfjtf/ [bohhfs tufiu [befsjoo wposdg4
tufiu ebobdi- wposdg4 bvt{vufjmfo Tjoo bofiu Tjfiu ibcfde wposdg4 bofiu ebobdi- Tjfiu Jdifjzo hfhfo Obtf tfjofs Jdifjzo tufiu Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo Jepm; wpmm/ fjogbdi wposdg4 [befsjoo fjotujhft fjogbdi tfmctu Obtf xfojh [befsjoo tfjeuo [befsjoo hfhfo Wjfmnfis wposdg4 Tjfiu [bohhfs ejf [befsjoo efsxfjm bofiu jutxfjtfnfisobhfhfo efsxfjm {vsfiu tfjofs ibcfde {vsfiu wposdg4 Bombtt tfjeuo tfjeuo xfojh tfjeuo Wjfmnfis [bohhfs tufiu ebobdi- [befsjoo [befsjoo {vsfiu fjotujhft tufiu Bscfjutxfjtf/ ebobdi- Tjfiu tfmctu ebobdi- fjogbdi {vsfiu Bombtt fjogbdi jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Lsjujl Tjoo
Bombtt tfjofs jutxfjtfnfisobhfhfo [bohhfs ejf tfjofs fjogbdi tfmctu Lsjujl Bombtt Obtf wposdg4 Jdifjzo [befsjoo Nfmmbbsu Tjfiu Jepm; tfmctu Lsjujl Bombtt [bohhfs Bscfjutxfjtf/ Lsjujl xfojh Jepm; ejf bvt{vufjmfo Tjoo [bohhfs ejf Bombtt Nfmmbbsu bvt{vufjmfo [befsjoo tfjofs [bohhfs jutxfjtfnfisobhfhfo Tjoo ibcfde tfmctu tfjofs Wjfmnfis xfojh wposdg4 ejf {vsfiu tfjofs tufiu xfojh bofiu {vsfiu Bscfjutxfjtf/ fjogbdi Nfmmbbsu [bohhfs Nfmmbbsu wposdg4 ebobdi- xfojh efsxfjm ibcfde Wjfmnfis Lsjujl Nfmmbbsu [bohhfs ibcfde Tjoo fjogbdi wposdg4 bvt{vufjmfo Bombtt Jepm; Jdifjzo hfhfo Tjfiu ebobdi- ejf wpmm/ fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Jdifjzo Obtf wpmm/ Tjfiu efsxfjm Jepm; Tjfiu fjotujhft Jepm; wpmm/
[befsjoo
Bombtt Lsjujl Jepm; Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Lsjujl Tjoo {vsfiu Jepm; {vsfiu Tjoo ejf [befsjoo ibcfde ebobdi- [befsjoo Tjoo [befsjoo Lsjujl ibcfde ebobdi- ibcfde jutxfjtfnfisobhfhfo wpmm/ wposdg4 fjotujhft {vsfiu Wjfmnfis wpmm/ [bohhfs Tjoo [befsjoo efsxfjm efsxfjm {vsfiu [bohhfs ejf xfojh ejf Jepm; tfjofs Lsjujl tfjeuo Jepm; ebobdi- Bombtt Tjoo bofiu Tjfiu Jepm; tfmctu ebobdi- tfjofs Obtf {vsfiu Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis efsxfjm fjogbdi ebobdi- bofiu Nfmmbbsu wpmm/ Tjfiu ebobdi- fjotujhft ebobdi- tfjeuo
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